Asian markets led lower by China

February 24, 2023 (MLN): Asian share markets were dragged lower by the slide in Chinese stocks on Friday, though investors took heart from the incoming head of Japan's central bank ruling out an early end to super-easy monetary policy, nudging bond yields to lower globally, as reported by Reuters. 

The MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.8%, heading for a weekly drop of 2.0%. Chinese blue chips tumbled 1.0%, while Hong Kong's Hang Seng Index dropped 1.3%.

Australia's resources-rich shares edged up 0.3%. Meanwhile, European shares were set to open higher, with the pan-region Euro Stoxx 50 futures up 0.4%. In the US, the S&P 500 futures were flat, while Nasdaq futures were off 0.2%.

Investors are awaiting the release of the US personal consumption expenditures (PCE) price index for January, the Federal Reserve's preferred inflation measure.

The index is expected to be up 0.4% from a month earlier, compared with 0.3% the previous month.

On Wall Street, stocks ended a topsy-turvy Thursday in positive territory, with the Dow Jones Industrial Average (.DJI) up 0.33%, the S&P 500 (.SPX) gaining 0.53% and the Nasdaq Composite (.IXIC) adding 0.72%. (.N).

Copyright Mettis Link News